The boss of ASOS is leaving after 15 years
Nick Robertson founded ASOS - which stands for "as seen on screen" - in 2000. The online fashion retailer stocks a wide variety of youth-focused fashion labels and is hugely popular with 20-somethings.
Robertson floated the company a year later on London's growth stock market AIM at 20p a share.
Shares closed yesterday at 3012.45p, valuing the business at £2.4 billion.
ASOS announced on Wednesday that Robertson is stepping down as CEO and will take a role as non-executive director. No reason was given in the statement for the switch.
COO Nick Beighton, who has been with the company since 2009, will take over as CEO.
Chairman Brian McBride says in this morning's statement: "On behalf of everyone who works at ASOS, I'd like to acknowledge Nick Robertson's extraordinary achievement. His passion and vision have built a start-up into a world class company. We are all delighted that Nick will continue to contribute to the Company that he started.